Stock Track | Tsingtao Brewery Stock Surges Despite Sluggish Sales

Stock Track08-30

Shares of Tsingtao Brewery Co. Ltd. (00168) soared more than 5% in intraday trading on Thursday, defying the company's lackluster first-half financial results that showed a decline in revenue amid weak domestic beer demand in China.

According to the financial report released on Friday, Tsingtao Brewery's net profit for the first half of 2024 rose 6.3% year-over-year to 3.64 billion yuan ($512.8 million). However, the company's revenue dropped 7% to 20.07 billion yuan, driven by a "sluggish recovery in consumption" in the Chinese domestic beer market.

Despite the revenue decline, investors appear to be focusing on Tsingtao's ability to boost net profit margins, which could be attributed to cost-cutting measures or operational efficiency improvements. The better-than-expected profit growth has likely boosted investor confidence and fueled the stock's surge.

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